Below are some more details with the rough numbers:12 (1 bed/1 bath unitsValue of Land:  ~$150KCost to Build:  ~$500KRent is expected to be $700-$750/unit ($8400-9000 month)Vacancy, management, expenses, CAPEX, etc:  ~$4100/monthNOI:  $4,300 to $4,900Monthly Note ($350K, 20 yr AM, 5%):  $2,309Monthly Profit:  ~ $2,000 to ~2,600Annual Profit:  ~$24K to ~31KValue of property (low end estimate on an 8% CAP:  $645K to $735K)Average CAP rate for new builds in local area is ~6% CAP. 

I thought that it was either low because the house was either in bad shape and in a bad location OR the landlord had no idea what the rental rates are in this market as the rate he was asking is way below the average.

I don't until we have a significant chance of above average inflation in our immediate future.   

Every lender is different and therefore by looking around you can find best product for your situation.

An average 2-4 unit condo in the fort worth area is around 240K based on my research.  

There are a lot of Fannie deals that are average retail prices.

Under a county program, I qualify for an income-based first time home buyer loan with these terms:The loan requires 3% down payment  No mortgage insurance  The maximum loan amount is $417,000 Provides first time buyers with up to 25 percent of the purchase price to assist with the down payment and closing costs.When it comes to resale values in these loans, there is a set price value when selling: "The Set Price is calculated as: original price paid, plus annual appreciation based on increases in the Area Median Income (average 2-3% annual appreciation), plus the cost of capital improvements made to the property.Is anyone familiar with these types of loans? 

Average time on the market in this area is 90 days.  

As we are Intuit Premier Reseller for products and software we never recommend Intuit for Property Management.On the other hand, you can use Intuit Payment Network as they call it IPN. 

@David Tipton  it's basically straight forwardClass-A: Above averageClass-B:  Average, FMR rent rates for the same configuration of dwelling; xbeds-ybaths-zsqftClass-C: Below average